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Our Bureau Chennai | Updated on August 13, 2021

Focus on Eicher Motors, IRCTC, Aurobindo Pharma and Kesoram Industries

Eicher Motors has announced that Royal Enfield CEO, Vinod K Dasari, has decided to resign from his post. In a notice to the stock exchanges, the company said Dasari will also step down from the post of Director (Whole Time) of Eicher Motors Ltd from August 13. The firm has approved the appointment of B. Govindarajan as Executive Director - Royal Enfield (Whole Time, Additional Director) of Eicher Motors Ltd, with effect from August 18.

IRCTC: The Board of Directors of Indian Railway Catering & Tourism Corporation Ltd (IRCTC) has recommended a proposal for the sub-division of one equity share of face value of Rs 10 each into five equity shares of face value of Rs 2 each, subject to the approval of the Ministry of Railways, shareholders and other approvals as may be required.

Aurobindo Pharma has said it is acquiring 51 per cent stake in veterinary drugs company Cronus Pharma Specialities India Pvt Ltd for a cash consideration of Rs 420 crore. The Hyderabad-based company has a manufacturing facility in a special economic zone spread over 10 acres. The company's turnover for 2020-21 (Apr-Mar) stood at Rs 11.40 crore, according to a filing with the stock exchanges. The transaction is expected to be completed within eight weeks, the company said.

PTC India Ltd has paused the process of exploring opportunities for monetising its investment in PTC India Financial Services Ltd. "This is to inform you that at the current stage and given the prevailing environment, the board has decided to take a pause in the process," PTC India informed the exchanges. "The decision will be reviewed as and when there are developments in the environment."

The board of Kesoram Industries has approved raising Rs 400 crore through the issue of partly paid-up equity shares with a face value of Rs 10 on rights basis, the company said in a regulatory filing. Regulatory approval is pending for the rights issue, which has been priced at Rs 50 a share. From the issue price, Rs 25 will be payable on application and the balance amount of Rs 25 per equity share will be payable on the first and final call, which will be made within six months from the date of allotment of the rights issue, the company said.

Tata Power Solar Systems has been awarded a project to build a solar PV plant with 50MWh Battery Energy Storage System (BESS) in Leh, Ladakh. The 50MW solar PV plant will be built in the EPC (engineering, procurement and construction) mode. According to a statement by Tata Power, the order value of the project is Rs 386 crore. The commercial operation is expected to start from March 2023.

State-run SJVN Ltd has entered into a contract agreement with Voith Hydro (P) Ltd for electro mechanical works of the 210 MW Luhri Hydro Electric Project Stage-1. The Chairman & Managing Director, Nand Lal Sharma, said electro mechanical works amounting to Rs 420.28 crore were awarded to Voith Hydro on July 16. The orders will have to be completed in line with the work schedule of the project, which is targeted for commissioning by May 24, 2025.

Published on August 13, 2021

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